On March 21, 2014, H.R. 4278, the “Ukraine Support Act” was introduced in the House of Representatives, coinciding with the Senate’s consideration of S. 2124, the “Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014” Due to significant congressional support for Ukraine and a desire to penalize Russia for its actions, it appears that U.S. Congress will coalesce behind one of these bills or reach a compromise to reconcile the…
US BIS has just published a notice to the effect that it has put on hold the issuance of licences for exports/reexports of items to Russia. BIS will continue this practice until further notice. This notice is available here: http://www.bis.doc.gov. By way of background and according to the annual report for FY2013, BIS approved 1832 applications for exports to Russia in fiscal year 2013 (i.e., 1 October 2012 – 30 September 2013) with a total value…
Canada, France, Germany, Italy, Japan, the UK, the US, the President of the European Council and the President of the European Commission today condemned the referendum held in Crimea and Russia’s attempt to annex Crimea. The G7 further stated that if Russia escalates the situation in the region, it will “intensify actions including coordinated sectoral sanctions that will have an increasingly significant impact on the Russian economy”. The diplomatic measures taken today at the G7…
Further to our earlier posts, we have now issued a client alert providing more details on the measures adopted by the EU and US in response to the annexation of Crimea to the Russian Federation. By way of a reminder: the new designations cover predominantly Russian politicians and government officials, but for the first time in respect of the Ukrainian crisis, the US has designated an entity, namely a bank. Further, several of the targeted individuals have significant…